SEOUL, South Korea — E-Land, a major South Korean outlet mall operator, said Tuesday it has decided to withdraw its Coffee Bean & Tea Leaf business from China in a move to improve its financial structure.
The decision came three years after the South Korean retailer signed an agreement with the U.S. coffee chain operator to move into the Chinese market.
E-Land opened the first Coffee Bean & Tea Leaf store in Shanghai in 2016 and opened 16 more outlets throughout the country, but began the withdrawal process in May this year.
“We are streamlining inefficient businesses to better focus on our key operations in China, such as retail, fashion and distribution. It is part of our efforts to improve the company’s financial structure,” an E-Land official said.